Nexus Select Trust to acquire Galaxy Infra Creations for Rs 1,600 crore
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Nexus Select Trust is set to enter the thriving consumption markets of northeast India with the acquisition of a shopping mall and a Hyatt Regency Hotel in Guwahati for Rs 1,600 crore. This notable transaction includes a 164-key hotel and a retail space, both currently under construction, with Nexus poised to manage operations following the completion and necessary approvals.
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Loading...×Realty firm Nexus Select Trust on Wednesday said it will acquire a 100 per cent stake in Galaxy Infra Creations Pvt Ltd, which is constructing a shopping mall and a hotel in Guwahati, for Rs 1,600 crore.Nexus Select Trust is a listed retail-assets backed REIT (Real Estate Investment Trust). It owns 19 malls across the country.
In a regulatory filing, the company informed that its board has approved the proposal to acquire a 100 per cent equity stake in GICPL, which owns a 5.16 lakh sq ft shopping mall and a 164-key Hyatt Regency Hotel for Rs 1,600 crore.
Both the mall and hotel are currently under construction in Guwahati.
The deal marks its entry into northeast India.
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These assets will be developed by the seller to mutually agreed specifications.
Nexus will assume operational responsibility upon completion of construction and receipt of necessary approvals.
The total consideration comprises a combination of cash and unit swap.
"The proposed acquisition is in line with the business objectives of the Trust and marks the first step in Nexus' broader strategy to build a presence across the high-potential consumption markets of east and northeast India, with Guwahati providing an attractive entry point into the region," the company said in the filing.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
